Crypto analyst Ali recently published a post on his Twitter/X platform regarding potential movements. He indicates two possible scenarios based on the coin’s behavior, as it forms an important pattern on the chart.
“Cardano forms a descending triangle.”
Ali tweeted that the original ADA cryptocurrency is currently moving within a descending triangle pattern on lower time frames. He states that if it sustains a close above the $0.638 level, this may push ADA towards a bullish breakout to around $0.700.
However, contrary scenarios are also possible, as warned by the Cardano community. They urge a close look at the support level around $0.613. If ADA shows any weakness at this level, it could lose its upward momentum, pushing the coin downward.
Despite recent upside potentials displayed by ADA, the second-largest proof-of-stake blockchain faced significant difficulties with its holders in mid-November. On November 17, a large number of ADA wallets, mostly holding between 1-10 ADA, dumped their holdings, indicating surrender and potential price reversal, according to an analysis by Santiment.
Nevertheless, since the beginning of this week, ADA’s price has risen by 65%. From Tuesday to Thursday, the ADA rate climbed by over 13% before experiencing a 9.8% decline. At the time of writing this article, Cardano was trading at $0.610 on Binance.
Cardano founder issues a critical warning.
READ MORE Cardano (ADA) Surges as Whales' Presence Amplifies, Indicating Broader Impact Beyond Market Cap"
As previously reported by U.Today, Cardano creator Charles Hoskinson commented on a deepfake video of himself created using artificial intelligence. One user, referring to his tweet, noted that Hoskinson looks eerily lifelike, although “a little twitchy.” In that, the Cardano founder warns the community of the potential for deepfake videos to be used for cryptocurrency theft. Hoskinson believes that within 12 to 48 months, it will become increasingly difficult to differentiate between AI-created fake videos and videos featuring real people, as this technology rapidly advances. He fears that fraudulent artists will exploit this and create deceptive videos on YouTube.
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